| Selling your home is a complicated process that requires the expertise and guidance of a professional. Make yourself familiar with the terms and process you'll experience, and some tips to sell your home for more money in less time, then contact a RE/MAX Royal Gorge agent today - they're trained and experienced to get your house sold! |
| Prepare the house to sell. First and foremost, your home must be appealing to prospective buyers. Make sure that all necessary repairs are made and the house is spotless, inside and out. Price and condition are the two most important factors that sell a house. Contact a RE/MAX Royal Gorge realtor to make sure your house is ready to be shown. They will also help you set the selling price by reviewing comparable homes and the market in your area. At this time, discuss with your realtor other terms of the sale including who pays what closing costs, timetables, whether personal property is included in the sale, terms of cancellation, any repairs you're willing to perform, which professional services will be used, when you give up physical possession of the property, and how to settle disputes should they occur. Then they'll go to work marketing and showing your house. Review offers and negotiate the best deal. Know how much you need to sell for and keep in mind that there will probably be compromises to make. If an offer is too low, or doesn't fit with your timetable, you can always make a counter offer closer to what you want. Once the deal is negotiated, and the offer accepted, you are bound by it to do everything possible to fulfill your obligations laid out in the contract. This will include the aspects of the contract that you have agreed to be responsible for such as repairs. On the closing date agreed upon in the contract, you will meet with the buyer to make sure all obligations have been fulfilled by both parties and then sign the necessary documents to transfer ownership. Giving up possession of the house is the last step in the process. You and your personal belongings will be expected to be completely out of the house. Don't forget to transfer or stop your utility services! |
| Appraisal: A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby. Appraisals are done by an individual qualified by education, training, and experience to estimate the value of real property and personal property. Although some appraisers work directly for mortgage lenders, most are independent. Appreciation: The increase in the value of a property due to changes in market conditions, inflation, or other causes. Broker: Broker has several meanings in different situations. Most Realtors are "agents" who work under a "broker." Some agents are brokers as well, either working for themselves or under another broker. Clear Title: A title that is free of liens or legal questions as to ownership of the property. Closing: This has different meanings in different states. In some states a real estate transaction is not consider "closed" until the documents record at the local recorders office. In others, the "closing" is a meeting where all of the documents are signed and money changes hands. Closing Costs: Closing costs are separated into what are called "non-recurring closing costs" and "pre-paid items." Non-recurring closing costs are any items which are paid just once as a result of buying the property or obtaining a loan. "Pre-paids" are items which recur over time, such as property taxes and homeowners insurance. A lender makes an attempt to estimate the amount of non-recurring closing costs and prepaid items on the Good Faith Estimate which they must issue to the borrower within three days of receiving a home loan application. Commission: Most salespeople earn commissions for the work that they do and there are many sales professionals involved in each transaction, including Realtors, loan officers, title representatives, attorneys, escrow representative, and representatives for pest companies, home warranty companies, home inspection companies, insurance agents, and more. The commissions are paid out of the charges paid by the seller or buyer in the purchase transaction. Comparable Sales: Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as "comps." Contingency: A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector. Deed: The legal document conveying title to a property. Due-on-Sale Provision: A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage. Earnest Money Deposit: A deposit made by the potential home buyer to show that he or she is serious about buying the house. Escrow: An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed. Equity: A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage and other liens. Exclusive Listing: A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time. Fair Market Value: The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept. Fixture: Personal property that becomes real property when attached in a permanent manner to real estate. Home Inspection: A thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser. Lien: A legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed is considered a lien. Owner Financing: A property purchase transaction in which the property seller provides all or part of the financing. Personal Property: Any property that is not real property. Purchase Agreement: A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold. Real Property: Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof. Right of First Refusal: A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others. Title: A legal document evidencing a persons right to or ownership of a property. Title Company: A company that specializes in examining and insuring titles to real estate. Title Insurance: Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property. Title Search: A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding. Transfer of Ownership: Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device. |
| Doing whatever you can to put your house's best face forward is very important if you want to get close to your asking price or sell as quickly as possible. Short of spending a lot of money, here are several ideas for making your home show better: Sweep the sidewalk, mow the lawn, prune the bushes, weed the garden and clean debris from the yard. Clean the windows (both inside and out) and make sure the paint is not chipped or flaking. And speaking of paint, if your home was built before 1978, new federal law gives a buyer the right to request a lead inspection. If you think you might have some problems, do the inspection yourself beforehand and make any fixes you can. Be sure that the doorbell works. Clean and spruce up all rooms, furnishings, floors, walls and ceilings. It's especially important that the bathroom and kitchen are spotless. Organize closets. Make sure the basic appliances and fixtures work. Get rid of leaky faucets and frayed cords. Make sure the house smells good: from an apple pie, cookies baking or spaghetti sauce simmering on the stove. Hide the kitty litter. Put vases of fresh flowers throughout the house. It's very important to price your home according to current market conditions. Because the real estate market is continually changing, and market fluctuations have an effect on property values, it's imperative to select your list price based on the most recent comparable sales in your neighborhood. A so-called comparative market analysis provides the background data upon which to base your list-price decision. Seller financing offers tax breaks for sellers and alternative financing for buyers who can't qualify for conventional loans. If you are a seller, the risks you face are the same as those facing any lender: Is the borrower a good credit risk? Will the property hold enough value over time to allow for the repayment of all loans made against it? You should run a full credit check on the borrower, require hazard insurance on the property and include a due-on-sale clause. There also are financing, disclosure and repayment-term requirements that need to be met. It is wise to consult a lawyer when putting together this kind of transaction. Your house should always be available for show, even though it may occasionally be inconvenient for you. Let your listing agent put a lock box in a convenient place, to make it easy for other agents to show your home to home buyers. Otherwise, agents will have to schedule appointments, which is an inconvenience. Most will just skip your home to show the house of someone else who is more cooperative. Most agents will call and give you at least a couple of hours notice before showing your property. If you refuse to let them show it at that time, they will just skip your house. Even if they come back another time, it will probably be with different buyers and you may have just lost a chance to sell your home. Try Not to be Home. Home buyers will feel like intruders if you are home when they visit, and they might not be as receptive toward viewing your home. Visit the local coffee house, yogurt shop, or take the kids to the local park. If you absolutely cannot leave, try to remain in an out of they way area of the house and do not move from room to room. Do not volunteer any information, but answer any questions the agent may ask. Lighting - When you know someone is coming by to tour your home, turn on all the indoor and outdoor lights – even during the day. At night, a lit house gives a "homey" impression when viewed from the street. During the daytime, turning on the lights prevents harsh shadows from sunlight and it brightens up any dim areas. Your house looks more homey and cheerful with the lights on. |
| These companies provide utilities to the Royal Gorge Area. Contact them to transfer service. |
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 Atmos Energy - natural gas. |
 Aquila - electricity |
 Qwest - telephone |
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Water Service
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In Canon City, 719-269-9015 E-mail In Florence, 719-784-4848 In Penrose, 719-372-3289 |
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